Fintech

US judge orders liquidation of $56m in cryptos seized in BitConnect investigation

BitConnect and its founder Satish Kumbhani were involved in a $2bn fraud that misused bitcoin raised from investors worldwide

A judge agreed to a request from US authorities to liquidate roughly $56m in proceeds seized from a US promoter of offshore company BitConnect, which allegedly conducted one of the biggest scams ever involving cryptocurrencies.

The seizure was the largest single recovery from a cryptocurrency fraud in the US to date, according to the Justice Department.

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